Tanzania: Tz Sees Investments Surge

TANZANIA has registered 92 big investment projects worth 2.65 billion US dollars (about 6tri/-) between March and June, this year.

This represents a 36.7 per cent rise in investment projects compared to the corresponding period last year, when a total of 68 projects, worth 321 million US dollars (738bn/-) were registered.

The value of investments has also soared up massively, rising by 725 per cent in the last three months compared to the same period last year.

According to the Deputy Minister in the Prime Minister's Office (Investment), Mr William Ole Nasha, the newly-registered investments are expected to create 17,670 employments to Tanzanians as compared to 5000 jobs created during the corresponding period, last year.

The deputy minister stated this yesterday in Dar es Salaam when he graced the high-level conference organised by the Association of Tanzania Employers (ATE).

The conference was preceded by the association's Annual General Meeting (AGM).

"This success is an outcome of measures by the sixth-phase government under President Samia Suluhu Hassan to remove red tape in business and investment in the country," Mr Ole Nasha argued.

He added: "Apart from political will, the sixth-phase government has been walking the talk by ensuring that results occur positively," he said.

The government targets to create a total of 8 million jobs by 2025 as stipulated in the ruling CCM 2020/2025 manifesto Since President Samia assumed power over three months ago her emphasis has been on putting a friendly environment for investment and trade with the aim of creating more jobs to improve the lives of Tanzanians.

In her first speech to the Parliament, during which she gave the direction of her government, Ms Samia pointed out various measures to attain the mentioned goals, including reviewing investment laws in a move to attract more investments.

In line with this, she pledged that her government would address challenges hampering smooth access of capital for investors and entrepreneurs. She vowed to remove bureaucracy delaying investments, including issuance of work permits and licences.

President Samia said the government will effectively implement the blueprint, aimed at bringing regulatory reforms to improve the business environment.

Mr Ole Nasha explained that of recent there have been significant improvements at the Tanzania Investment Centre (TIC), including increasing working hours and introducing an online system for processing investment registration.

"We are also going to introduce a call centre so that investors and other members of the public could just call to ask for information without physically going to the TIC office," he said.

Earlier, Permanent Secretary of the docket, Prof Jamal Katundu said another effort to encourage more investment was a decision to introduce a system for issuing work permits online.

He said the online system is expected to officially be launched in August, noting that currently the system is under trial. Once operational, an applicant can have his or her work permit ready within a day after fulfilling all requirements needed for acquiring the permit.

The deputy permanent secretary underlined the existing close cooperation between the government, employers and employees under the tripartite mode. He said the tripartite has helped the government to achieve its programmes to create more jobs and improve job skills among Tanzanians for enabling competitive economy and sustainable employment.

On his part, ILO Director for East Africa, Mr Wellington Chibebe, said sustainable jobs creation would depend on cooperation between the government, employers and employees. He said the ILO fully supports the government of Tanzania towards attaining the country's Development Vision 2025.

"We are humbled and proud to be part of Tanzania's journey towards a prosperous future," he said.

Commenting, chairperson of the ATE, Jayne NyimboTaylor, commended the government for improving business and environment climate, especially by implementing the blueprint, including scrapping some of levies imposed on employers and investors.

She expressed the association's commitment to cooperating with the government in addressing challenges facing investors and employers.

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